Cubic Corp. Updates Contract Status For Defense, Transportation Units

Cubic Corp. reported it received a contract for its transportation unit and made a delivery on a contract for its defense unit.

The Kearny Mesa business said it received a $12.6 million contract to update the revenue management system for the San Francisco Bay Area’s BART subway and light rail system.

The contract covers what Cubic (NYSE: CUB) and the customer call a “state-of-good-repair” project. It includes ticket vending machines, add-fare machines, fare gates and parking validator devices to extend equipment life while providing new payment functionality that can be used in the future. The new readers will allow EMV-compliant open-payment capabilities for possible future use of contactless bank card and mobile payments. (EMV is short for the technology that takes its name from participating companies Europay, MasterCard and Visa.)

Cubic announced the award from the Bay Area Rapid Transit District on Sept. 1.

Cubic’s relationship with BART goes back to 1974, shortly after the mass-transit system began revenue service.

In other news, Cubic Global Defense said on Sept. 2 that it delivered $1.7 million of next-generation training systems to the Ukrainian army.

Cubic’s training systems allow armies to participate in war games with actual weapons, fitted with harmless lasers.

The U.S. Army’s Program Executive Office for Simulation, Training and Instrumentation awarded the contract for delivery, training and sustainment of Cubic’s I-MILES equipment in support of the Ukrainian army.